{"id":19957,"date":"2022-05-25T10:10:00","date_gmt":"2022-05-25T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19957"},"modified":"2022-05-12T16:01:34","modified_gmt":"2022-05-12T23:01:34","slug":"bc-declining-home-sales-not-affecting-home-prices-so-far","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/05\/bc-declining-home-sales-not-affecting-home-prices-so-far\/","title":{"rendered":"BC Declining Home Sales Not Affecting Home Prices So Far"},"content":{"rendered":"<p style=\"text-align: justify;\">The Bank of Canada\u2019s effort to tamp down on inflation is having its expected impact on BC\u2019s housing marketing.<\/p>\n<p style=\"text-align: justify;\">The province posted 8,934 residential unit sales last month \u2013 down a whopping 34.9% compared with the record sales seen in April 2021, according to Multiple Listing Services data provided by the BC Real Estate Association on Thursday.<\/p>\n<p style=\"text-align: justify;\">The sharp decline in sales isn\u2019t translating to lower prices amid tight supply at this point.<\/p>\n<p style=\"text-align: justify;\">The average sales price of a BC home jumped 12.9% year over year to land at $1.065 million.<\/p>\n<p style=\"text-align: justify;\">Increases in Greater Vancouver home prices couldn&#8217;t quite match the momentum of the province as a whole, rising 10.7% to land at $1.34 million.<\/p>\n<p style=\"text-align: justify;\">The South Peace region in the Interior was the only spot in the province to experience a decline in prices, falling 15.3% to land at $259,831.<\/p>\n<p style=\"text-align: justify;\">\u201cInterest rates are on the rise, and the ultra rate-sensitive Canadian housing market is responding. Sales are falling fast and prices will follow,\u201d CIBC economists Benjamin Tal and Katherine Judge said in a note Wednesday, referring to Canada as a whole.<\/p>\n<p style=\"text-align: justify;\">\u201cThe return to balanced conditions or even a buyers\u2019 market will not cure what ails the Canadian housing market. It will just ease the symptoms for a short period of time. In fact, if history is a guide, the slowing ahead might worsen the supply-demand mismatch in the market.\u201d<\/p>\n<p style=\"text-align: justify;\">The economists, who estimate housing demand is being undercounted by 500,000 households, said the biggest challenge ahead is ensuring there\u2019s adequate supply.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2022\/05\/bc-home-sales-plummet-35-april\" target=\"_blank\" rel=\"noopener\">BC Home Sales Plummet 35% in April<\/a> by Tyler Orton | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada\u2019s effort to tamp down on inflation is having its expected impact on BC\u2019s housing marketing. The province posted 8,934 residential unit sales last month \u2013 down &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/05\/bc-declining-home-sales-not-affecting-home-prices-so-far\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19957","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Declining Home Sales Not Affecting Home Prices So Far &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/05\/bc-declining-home-sales-not-affecting-home-prices-so-far\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Declining Home Sales Not Affecting Home Prices So Far &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Bank of Canada\u2019s effort to tamp down on inflation is having its expected impact on BC\u2019s housing marketing. 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